Preferred Bank SWIFT/BIC code

PRFRUS41 – the SWIFT/BIC code of Preferred Bank

The 8-character code PRFRUS41 and the 11-character code PRFRUS41XXX refer to the same bank: Preferred Bank, with its head office in Houston,tx. Every bank on the SWIFT network uses BIC codes to direct international transfers to the correct institution. You will need it mostly for transfers between countries and payments in foreign currencies.

On this page you can read what the code is put together, when you need it and what else you need for a transfer to or from Preferred Bank. The SWIFT code alone does not identify an individual account holder; that is what the IBAN or account number .

Which of the 2 codes of Preferred Bank do you need?

With 2 codes, Preferred Bank belongs to the banks that use individual codes for branches. The main code remains PRFRUS41XXX.

For most incoming transfers, the head office code PRFRUS41XXX is the right choice. Branch codes are only needed when the account holder explicitly mentions it, which is more common for business accounts and trade services.

Unsure which code to use? Ask the recipient, or look at a recent statement from Preferred Bank. Codes are sometimes changed or retired when banks reorganise, so a code from an old document is not always valid.

What the XXX in PRFRUS41XXX means

Each SWIFT/BIC code starts with the same eight core characters: four letters for the bank, two letters for the country and a two-character location code. Together, these eight characters form PRFRUS41.

Most payment forms accept either length. If a form asks for eleven characters, use PRFRUS41XXX, otherwise PRFRUS41 is fine.

In practice the code is written in capitals, without spaces or dashes. Pasting the code is safer than retyping it, because one wrong letter changes the bank.

Receiving money from abroad at Preferred Bank

To receive an international payment at Preferred Bank, the sender has to have more than the BIC. What they need is: the account holder’s name, account number or IBAN, PRFRUS41XXX or PRFRUS41 and in many cases your postal address.

Some banks want the name and address of Preferred Bank; it does no harm to include it. Check every detail before you share them – a sender rarely spots a mistake in someone else’s details.

Do not be surprised if the amount credited is below what the sender paid. Intermediary banks may deduct a fee, Preferred Bank may charge for incoming payments, and if the money is converted, a markup on the rate applies. On invoices, you can agree how the fees are split, so that nobody is left short.

Is PRFRUS41 still correct? How to check

Ask the recipient to send you the account details directly from their online banking. If the code you have differs from PRFRUS41 or PRFRUS41XXX, do not guess – contact the recipient or Preferred Bank.

A wrong SWIFT code may lead to a delay, a returned payment or extra fees along the way. Do not forget the IBAN: an error there is harder to correct than a wrong BIC.

An automatic check in your banking app merely tells you that the code exists, not that it is the right account. Some banks now check the name against the account – do not ignore a mismatch warning. A small test payment is a sensible step for a large first payment, even if it costs an extra fee.

Sending USD to Preferred Bank

Most accounts at Preferred Bank are usually held in USD, the national currency. When you pay money in a different currency, the amount has to be converted somewhere along the way – by your bank, by Preferred Bank or by a bank in between. There is rarely a separate charge for the conversion.

Who does the conversion has an effect on how much arrives. Check what USD arrives with several providers before choosing one.

The rate for USD fluctuates throughout the day and quotes are often valid only for a short time. On larger amounts, a small gap in the rate can be worth more than the fee.

Transfer times and tracking a payment to Preferred Bank

How fast a transfer arrives at Preferred Bank is determined by several factors: the currency, the number of banks in between, cut-off times and differences in time zone. Payments made after the cut-off time or just before weekends and holidays often start a business day later. Occasionally a bank asks what the payment is for before releasing it.

Many banks are connected to SWIFT gpi. Every gpi transfer gets a unique reference, the UETR, which your bank can use to see where the money is. Money transfer services often provide tracking online showing where the payment has got.

Only the sending bank can request a trace – the recipient’s bank often cannot see a payment that has not arrived. Request from the sender the payment receipt; that often settles the question quickly.

A note on our data

We collect bank codes using public sources and update them from time to time. It can happen that a code here is out of date. The figures we show are based on our own data.

See the information here as a handy check. GoldexPay is not affiliated with Preferred Bank, we only compare transfer services. If you notice something that is out of date, we appreciate a short note via the contact page.

Watch out for payment fraud

A common scam works like this: an email arrives with a request claiming that a contact has a new bank account and that the next payment should go there. That PRFRUS41 is a real code is no guarantee that the account is legitimate; criminals use the codes of real banks too.

Do not trust a phone number from the same email that contains the new account. Be suspicious of urgent requests, unusual wording or an email address that differs by one letter. When a payment was sent to a fraudster, call your bank right away: the sooner they act, the better the chance of a recall.

Recipients can be targeted as well: a classic trick is a buyer who pays too much followed by a request to refund the difference. A payment confirmation from the sender is no proof – check your own account.

Sending money abroad from Preferred Bank

A bank transfer abroad costs more than the fee suggests. You pay the transfer fee, possibly fees charged by intermediary banks along the way and, above all, the exchange rate markup when the money is converted.

Banks do not list their exchange rate markup separately – you only notice it if you compare. Check their rate with the mid-market rate, the midpoint between buy and sell rates you see on financial sites.

For a lot of routes, a specialist provider is less expensive than a traditional bank transfer, mainly because of the exchange rate. Before your next transfer, take a minute comparing the total cost via GoldexPay rather than accepting the bank’s rate by default. You can always keep your account at Preferred Bank as the source of the money.